Nigeria received over $1 billion FDI in mining sector: Minister
The Minister of Mines and Steel Development, Olamillekan Adegbite, says the country’s mining sector received over $1 billion in foreign direct investments.
Mr Adegbite disclosed this in his recent presentation of the ministry’s achievements during the ninth edition of ‘PMB Scorecard’ series, organised by the information ministry.
According to him, the ministry engaged over 500 prospective mining investors through international conferences, some of which have started setting up businesses in Nigeria.
Mr Adegbite cited the Segilola Gold Company in Osun, with an investment portfolio of $900 million.
The minister said the company paid about N1 billion to the Nigerian government in royalties.
“There is also African Natural Resources Ltd. with investment portfolio of of $600 million, Kano Smith Gold Refinery, Duka Gold and Precious Metals,” he added.
The minister revealed that the ministry also launched the Gold Durbar in Kano, in partnership with Kian Smith Trade Company.
“It served as a regional gold market place to attract jewellers and gold buyers from across Nigeria, West Africa and the rest of the world,” explained Mr Adegbite. “The event has boosted investment in the gold value chain, increasing access to data, providing visibility for policy decisions, stimulating development of the trade of gold and developing the jewellery value chain.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Africa
Ghana offers relief packages to banks participating in local debt exchange
Ghana is aiming to cut its debt-to-GDP ratio from 100 per cent to 55 per cent by 2027, as it struggles with interest payments.
States
Civil Defence intercepts railway sleepers vandals in Niger
One of the vehicles was intercepted by the command’s anti-vandals squad on Paiko-Minna road, following a tip off.
Politics
Insecurity: INEC to relocate 357 polling units in Katsina
He explained that the Electoral Act 2022 has made clear and explicit provisions for the conduct of elections in emergency situations.
States
I’ll soon start signing death sentences: Gov. Mohammed
Mr Mohammed added that the state wanted a severe punishment that would prevent future occurrences of crimes.
Politics
2023: Buhari regime urged to beef up security at INEC offices over rising attacks
INEC offices in many states and in almost all the geopolitical zones of the country have come under attacks recently.
Sport
NSF: Kaduna, Edo win men, women beach volleyball
Team Bayelsa also beat Team Kebbi 2-0 (21-15, 21-19) to win the bronze medal in the men’s event.
